Archives for December 2020

Mortgage Rates at Record Lows

Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.


The PMMS is based on data from loan applications from the last week and is based on conforming mortgages for home buyers with excellent credit who have a down payment of 20 percent or more.

Mortgage rates are still at record low levels, however if you want to have current rates based on your financial scenario, you need to obtain a mortgage rate quote – hopefully from a local, licensed mortgage professional.

I have been helping clients currently have rates in the 3’s and some have had their existing mortgage for less than a year. It really helps to compare your mortgage to present rates to see if refinancing makes sense for you. Added bonus: many refi and purchase mortgages have not been requiring an appraisal! It really is a great opportunity to lower your payment, use equity to make home improvements or restructure debt. If your home is located anywhere in Washington state, I’m happy to help you! Click here if you would like a mortgage rate quote or here if you would like to start a loan application to begin the process.

We don’t know how long rates will remain this low…we do know that there is not a lot of room to go much lower. As the pandemic gets under control, I anticipate that mortgage rates will return to a more “normal” level. Rates in the 2s and 3s is not historically normal. Mortgage rates also tend to rise much faster than they fall. Please don’t miss out on this opportunity to improve your finances!

PS: Happy Holidays and Merry Christmas to you and yours.

2021 FHA Loan Limits for Washington State

FHA mortgages allow for minimum down payment and do not have income limits. FHA tends to have a little more flexible underwriting than conventional mortgages.

Here is a complete list of the 2021 FHA loan limits for homes located in Washington state:

Chelan County

  • 1 Unit: $371,450
  • 2 Unit: $475,500
  • 3 Unit: $574,800
  • 4 Unit: $714,350

Clallam County

  • 1 Unit: $384,100
  • 2 Unit: $491,700
  • 3 Unit: $594,350
  • 4 Unit: $738,650

Clark County

  • 1 Unit: $517,500
  • 2 Unit: $662,500
  • 3 Unit: $800,800
  • 4 Unit: $995,200

Douglas County

  • 1 Unit: $371,450
  • 2 Unit: $475,500
  • 3 Unit: $574,800
  • 4 Unit: $714,350

Island County

  • 1 Unit: $431,250
  • 2 Unit: $552,050
  • 3 Unit: $667,350
  • 4 Unit: $829,350

King County

  • 1 Unit: $776,250
  • 2 Unit: $993,750
  • 3 Unit: $1,201,200
  • 4 Unit: $1,492,800

Kitsap County

  • 1 Unit: $435,850
  • 2 Unit: $557,950
  • 3 Unit: $674,450
  • 4 Unit: $838,200

Pierce County

  • 1 Unit: $776,250
  • 2 Unit: $993,750
  • 3 Unit: $1,201,200
  • 4 Unit: $1,492,800

San Juan County

  • 1 Unit: $497,950
  • 2 Unit: $637,450
  • 3 Unit: $770,550
  • 4 Unit: $957,600

Skagit County

  • 1 Unit: $405,950
  • 2 Unit: $519,700
  • 3 Unit: $628,200
  • 4 Unit: $780,650

Skamania County

  • 1 Unit: $517,500
  • 2 Unit: $662,500
  • 3 Unit: $800,800
  • 4 Unit: $995,200

Snohomish County

  • 1 Unit: $776,250
  • 2 Unit: $993,750
  • 3 Unit: $1,201,200
  • 4 Unit: $1,492,800

Thurston County

  • 1 Unit: $405,950
  • 2 Unit: $519,700
  • 3 Unit: $628,200
  • 4 Unit: $780,650

Whatcom County

  • 1 Unit: $442,750
  • 2 Unit: $566,800
  • 3 Unit: $685,100
  • 4 Unit: $851,450

All other counties in Washington state not listed above, including: Adams, Asotin, Benton, Columbia, Cowlitz, Ferry, Franklin, Garfield, Grant, Grays Harbor, Jefferson, Kittitas, Klickitat, Lewis, Lincoln,  Mason, Okanogan, Pacific, Pend Oreille, Spokane, Stevens, Wahkiakum, Walla Walla, Whitman, and Yakima

  • 1 Unit: $356,362
  • 2 Unit: $456,275
  • 3 Unit: $551,500
  • 4 Unit: $685,400

I have been helping Washington state home owners with FHA mortgages at Mortgage Master Service Corporation since 2000. If I can help you with your mortgage needs for a home located anywhere in Washington state, please contact me!

Breaking News: 2021 FHA Loan Limits for King, Snohomish and Pierce Counties

HUD has announced 2021 loan limits for FHA mortgages. Like conforming mortgages, the loan limits will increase in 2021. Here are the limits for homes located in King, Pierce and Snohomish Counties.

  • 1 Unit: $776,250
  • 2 Unit: $993,750
  • 3 Unit: $1,201,200
  • 4 Unit: $1,492,800

Click here for a complete list of 2021 FHA loan limits for homes located in Washington state.

If you are considering buying or refinancing your Washington state home, I’m happy to help you!